Private sector profits continue to grow

According to initial data from Statistics Estonia, the private sector earned a combined 3.3 billion euros in profits last year, 3 percent more than in 2013.

Nearly all areas saw an increase, with profit growth especially high in transport and storage, and information and communication sectors.

Turnover remained stable at 50.3 billion euros, although expenses stayed at 2013 levels. Personnel costs increased by 8 percent, while labor productivity, or average value added by an employee, grew by 4 percent to 22,300 euros.

Private sector investments continued to decline, amounting to 10 percent less than in 2013. The 2014 figure was 2.4 billion euros.

On the whole, business profits have been increasing since 2009, when they were only slightly over 1 billion euros. At current growth rate, 2015 profits should pass profits recorded in 2007, the record so far with around 3.4 billion euros.